First Time Home Buyers: How to Save for your First Home

First Time Home Buyers: How to Save for your First Home
Saving for your home is a daunting experience.  One of the first things you need to do, is identify how much you’ll need. Which was why I was thrilled when I saw this article from one of my favorite blogs Apartment Therapy detailing in simple terms how much people will need to buy a home. But the numbers they came up with NYC, were remarkably low, namely:

Median home price: $395,400
Monthly payment: $2,011.69
Salary needed: $86,215.44

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Manhattan Q3 Report

Key Findings of the Third Quarter Report:
  • Prices are high, but past the peak. Prices were up versus last year, and still occupy near-record levels. The median price in Manhattan is $1.1 million (up 10% vs a year ago) and the median price per square foot is $1,314 (up 2% vs the same period). But it now appears that First Quarter 2016 will be the peak moment of the post-2009 growth period, as the Third Quarter marked the second straight quarter of stagnant or lower prices in most categories.
  • The pace of sales continues to slow. For a third straight quarter, the number of sales was off from 2015. 17% fewer sales closed and 18% fewer contracts were signed in the Third Quarter of 2016 than one year prior.
  • More inventory on the way. For a fourth consecutive quarter, the number of properties available for sale was up. Though only at 5,860 units – which is to say about five months’ supply – this is still 21% above the prior year. Tight inventory is enabling sellers to stay aggressive in their valuations; but the more choices buyers start to have, the more downward pressure will grow around asking prices.

Full Q3 report for Manhattan can be found on Corcoran.com.

Brooklyn Q3 Report

Key Findings of the Third Quarter Report:
  • Prices break records for a second quarter in a row. Thanks to the rapid growth of new development in Brooklyn, prices surpassed the previous high water mark from Q3 2008. The median price in Brooklyn is now $675,000 and the average price per square foot $950, both higher than at any time since Corcoran began keeping records.
  • Fewer sales. The slower pace of sales – driven particularly by contraction in the co-op market – continued for the third straight quarter. Total sales in Brooklyn were down 19% from the prior year.
  • Inventory growth tilts to middle and high-end. New development inventory rose by 40% over last year, boosting available listings by 7% overall. The lion’s share of the new inventory exceeds $750,000 in price, giving greater choice to mid-level and high-end buyers, while the number of co-operatives and listings at the lower end became scarcer.

The Full Q3 Report for Brooklyn can be found on Corcoran.com.

 

How to Sell Your Home FAST: Dial Down the Creepiness

Beauty is in the eyes of the beholder, and for the most part I agree, however if there are any elements in your home that might qualify as creepy to anyone, get rid of it. ASAP. Case in point, this house which will remain address-less, because it really is a lovely home but suffers from lazy staging (can we at least fold the clothes?) and then reveals its inner creepiness in the form of still-in-the-box dolls, on shelves, in a room that looks like it’s primarily used for midnight solo conversations and ironing.
If your home has any of these elements, hide it. No amount of excuses or explanations will make it OK, unless you honestly think the haunted house market is the next big thing.
dollhouse

Hello Spring Fever! Is there anything worth buying?

The weather is warming and the buyers are coming out, open houses are once again resembling brunch parties, spring season is here! While many buyers are welcoming the new inventory (choices!) many are wondering if we’re going to see the return of record setting prices, bidding wars, and the dreaded all-cash-over-ask offers. While the season is shaping up aggressively , there are listings that have a lot of value. Some of the ones I’m really liking :
27 Prospect Park West
It’s hard to believe this is priced at the magic sub $500k market. You get your own private entrance, 1BD plus Den — which is code for bonus bedroom, full time doorman and best of all right across the street from Prospect Park, I can’t say YUM enough!
200 16th St.
There are some seriously good deals in South Slope, and this is one of them. Priced at the practically-unheard-of way below $1.5M mark for a 3BD, this is also a duplex, with gigantic windows!
622 Grand Ave
Now, this one is a 3BD under $1M — I can’t even believe this exists, this is real estate’s version of a pot of gold at the end of the rainbow, new development in a vibrant neighborhood at an unbelievable price.

New Development: 613 Baltic

New Development launch and broker party today! YUM! While not quite Downtown Brooklyn, it’s very close (see debate on Park Slope vs Gowanus border). Going to launch parties is indeed one of my favorite things to do as a agent, the only thing better then checking out real estate, is checking it out with your friends AND cocktails! I’m excited about 613 Baltic, not only because it’s in Downtown Brooklyn-ish, giving the area a much needed breath of condo air, but it’s from JDS — so it’s gonna be super fancy pants. The renderings have been a bit generic so the broker launch party tonight might be my best chance to get in on some much needed details!

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Manhattan Year End Review

Manhattan residential real estate had a robust year in 2015. Closings were up year-over-year and average price per square foot, average price, and median price all reached record highs. Average price per square foot in 2015 was up 5% year-over-year to $1,645, average price increased 6% to $1.787M, and median price increased 8% to $990K. Overall condo inventory steadily increased during the year as a result of new development introductions, but co-op inventory reached a near record low.

Brooklyn: Year End Review

Corcoran has published their 2015 Year End Review for Brooklyn, and unsurprising to anyone, the borough continues its relentless march to increasing sales, an excerpt, “Brooklyn has had a continued streak of increasing sales, improving year after year since 2012. Demand was remarkably strong in Brooklyn, record high prices were achieved and inventory this year was overall higher than last year. Average price was 10% higher than a year ago and average price per square foot grew 13% to $805 per square foot…

New Dev Watch! 319 Schermerhorn

Downtown Brooklyn’s skyline is in constant flux as towers compete to claim “tallest tower” in Brooklyn, and “most iconic”. But while most of the developments have been rentals, a few coming up are condos, and 319 Schermerhorn is one them. It’s new developer Adam America bought the site for a (reportedly) $30M. And plans are 21 stories 65 1-3 bedroom units as the “Nevins Condominium”. Currently offerings are expected around Q2-Q3. Sadly, I haven’t seen any new renderings that have the handcrafted bricks or fedora-loving staff.

Neighborhood Spotlight: Prospect Heights

By now, everyone has probably heard me rave about Prospect Heights (the part that borders Crown Heights anyways). After leaving Downtown Brooklyn and before moving to Bushwick we lived on the Prospect Heights / Crown Heights border, and we loved it. I miss it to this day, and I’m a big believer in how much this neighborhood has moved and WILL continue to move.  Some highlights for this past year:
– Median price per square foot for condos increased a staggering 30% year over year (y-o-y).
– Average price for condos increased 28% since last year.
– 1 bedroom condos got the biggest uptick of 20% y-o-y, followed by 2 bedrooms, a healthy 12%.

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